Property briefs

Galileo Japan Trust’s spat with investment bank UBS over loan repayments is to be heard in a February court hearing after an agreement between the parties yesterday. UBS went to the Federal Court last month with an application to wind up the trust, which owns a property portfolio in Japan, on the grounds of insolvency. The bank has an outstanding to the trust worth about $60 million. Galileo gained a waiver from UBS that it not treat the filing of the winding-up application as an event of default if it was not stayed, withdrawn or dismissed within 30 days of the filing date. Galileo has disputed that it is in default of the loan. Ben Wilmot

The Property Council of Australia, alongside the Housing Industry Association, Master Builders Australia and Urban Development Institute of Australia, is calling on the Queensland state government to extend its $140 million Building Boost program which ends this month. Premier Anna Bligh hinted last week that the boost, which offers a $10,000 grant to people buying a new house or unit under $600,000, could be extended in the government’s mid year budget review due before the end of the month. Matthew Cranston

The Queensland government has pledged $35.4 million for the redevelopment of the Bundall racecourse on the Gold Coast. The upgrade will cover racing, members and training facilities to bring the track up to metropolitan standards and increase its overseas appeal. Michelle Singer

Regional property markets linked to the mining and resources boom were the best performers last year, according to research by property website Hotspotting. Prices at Port Hedland in Western Australia rose an average 22 per cent for the past 10 years, while the most underrated market was Newcastle in NSW, where some suburbs delivered double-digit growth during 2011. In Queensland, Gladstone saw a strong boost to house prices while in Victoria, Ballarat also recorded growth. South Australian town Ceduna’s median house price rose 14 per cent last year, and in the Northern Territory, Tennant Creek is projected to have annual long-term capital growth of 14 per cent.Ruth Liew